Policing intermediaries in the EU anti-money laundering framework
|journal||EJPS (ISSN: 2034-760X)|
|issue||Issue 1: Policing in Times of Uncertainty - Guest Editors: Mo Egan, Anastasia Koulouri & Kenneth Swinton|
|date of publication||Sept. 15, 2016|
Tackling money laundering effectively in the EU, demands partnership working between state and non-state actors. Accordingly, the legislative framework reflects the negotiation of justice between the state’s ability to outsource aspects of policing to the private sector on the one hand, and the private sector’s desire to keep state interference to a minimum on the other. The result furnishes non-state actors with a significant role concerning the categorisation of risky behaviour as well as the collation and dissemination of related intelligence. Addressing the role of legal professionals specifically, this paper contests their role as policing intermediaries in the anti-money laundering framework. It argues the appropriateness of these actors being given this function in the first instance, and thereafter, their ability to perform that function is not, in its current form, compliant with the rule of law. However, it concludes that implementation of the new supervisory structure captured in the 4th Money Laundering Directive will be a crucial determinant of future compliance and offers a potential solution to the regulatory gap.